As investors, we have to plan for various outcomes and manage risk exposures. We’re fine with these high-beta stocks rising without us participating. Currently, we believe there are other investments with much more favorable risk-reward dynamics out there.

We mentioned MON and MOS to stress that the agricultural chemicals industry is competitive. And we realize most of these companies don’t fit neatly into the “industrial chemical” or “agricultural chemical” categories. Would you agree that the 8 companies in our list, despite any divestitures, will continue to have a high degree of cyclicality in their businesses and systematic risk in their stocks?Because that’s our main point—be aware of the market risk in your portfolio and reduce exposure to high-beta dividend payers.At some point in the future after a period of market stress, we’re going to advocate investing in more volatile dividend payers. In order for that view to have credibility, we need to have made the opposing call.